Veresen Buys Stake in Ruby Pipeline
Veresen Inc said it would buy Global Infrastructure Partners's 50 percent convertible preferred interest in Ruby pipeline system for $1.43 billion.
The company, which operates pipelines and gas-processing facilities, said the pipeline has a capacity of about 1.5 billion cubic feet per day (bcf/d), with a potential to expand to 2 bcf/d.
El Paso Pipeline Partners, a unit of Kinder Morgan Inc , holds the remaining 50 percent interest in the pipeline, which delivers U.S. Rockies natural gas to markets in the western United States, through a common equity interest.
(Reporting by Anannya Pramanick in Bangalore; Editing by Don Sebastian)
